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Fisher Queen Nets A Cool $2 Million Profit

The right thing at the wrong time is the wrong thing.
- Joshua Harris

Organic materials include cedar, corten steel, and glass

1208 Fisher Avenue, Manhattan Beach

Back in 2008, with the world financial markets in turmoil and the local residential real estate market in the tank, two spectacular contemporary homes designed by Aidlin Darling Design out of San Francisco and built by local builder MAP Development debuted on the market at 1208 and 1212 Fisher Avenue in the American Martyrs area of Manhattan Beach.

The smaller of the two, 1208 Fisher (described as “rustic modern” in the original listing), features four bedrooms and 4,750 sqft on a 3,054 sqft lot.  There is a media room, an elevator and an outdoor space on the top floor, variously described as a rooftop yard and a dining terrace.  And we’d be remiss if we didn’t mention the panoramic ocean view.

When 1208 Fisher hit the market in August, 2008,  there could not have been a worse time to introduce this high-end home to an extremely anxious market.  It originally sported a list price of $4,995,000 but took almost a year to sell.  It finally closed escrow in July, 2009, for $3,650,000 (27% off the starting list price).

Front Entry

1212 Fisher Avenue, Manhattan Beach

The adjacent 1212 Fisher (which we’ve seen described as having “a modern Pacific Rim feel”) is clearly the Fisher ‘king’ of the two homes with five bedrooms, 5,825 sqft on a 4,510 sqft lot and includes a wine cellar, a private courtyard and a lap pool (with a wall of bamboo screening it from 1208 Fisher), and, of course, those same great ocean views.

This home also hit the market in August, 2008, priced at $5,950,000 but didn’t close escrow until a year later at $4,550,000 (-24%).

So why are we bringing all this up now?  Because we’re hearing that the ‘queen’, 1208 Fisher, just resold off-market for $5.7 million!  That’s right, a $2 million+ profit (before expenses) from the depths of the 2009 real estate market to now (subject to escrow actually closing).

610 12th Street, Manhattan Beach

610 12th Street, Manhattan Beach

And what does all this say about the prospects for 610 12th Street, the highly contemporary glass and mahogany structure designed by Pat Killen for the owner of Lucky’s Glass (who,we surmise, probably got a substantial discount on all the blue-tinted glass used in this home)?

This 4-bedroom, 4254 sqft home at the corner of 12th and Fisher and just a stone’s throw from the two above-mentioned Fisher royalty, spent almost a full year on the market, first at $5,995,000 and eventually at $4,999,900 before eventually quitting the market in May.

Might be worth another try in this hot real estate market.

In the meantime, long live the Queen.

 

Strand Prices Continue To Surprise On The Upside

Real Estate Edge by Mike Michalski & Sachi Fujita

Whoever said “Trees don’t grow to the sky” (an old Wall Street maxim) probably hadn’t contemplated what low interest rates , low inventory and a suddenly hot destination real estate market would have on beachfront properties here in Manhattan Beach. But given all that, some sellers are making an absolute killing on the sale of their Strand lots. Read more here.

Haunted House on Anderson To Get A Makeover

Real Estate Edge by Mike Michalski & Sachi Fujita

It looks like the long-running saga of 606 Anderson Street in the Manhattan Beach Hill section will finally be entering a new chapter with its recent purchase by a prominent local home-flipper.

What Was Once Shocking Now Looks Like A Deal

Real Estate Edge by Mike Michalski & Sachi Fujita

A developer client of ours won the bidding war last November for a 40 x 135 Tree section lot. At the time, it seemed as though they paid a premium over market value. Not any more.

Oak – The Most Common Tree Street Name

Real Estate Edge by Mike Michalski & Sachi Fujita

An interesting article from the Wall Street Journal reports on a study by online residential real estate site Trulia that examines which tree names are the most popular street names in the US. Turns out over 5% of listings are on streets with tree names with the most common tree variety being oak, followed by […]

Short Goes Long After Five Years On Market, 7-Month Escrow

Real Estate Edge by Mike Michalski & Sachi Fujita

What could be one of the largest marketing campaigns for a South Redondo home finally concludes with a 7-month escrow and a huge overbid. Read more here.

That’s Some Overbid

Real Estate Edge by Mike Michalski & Sachi Fujita

A recent Hermosa Sand section sale, essentially a lot sale, garnered a lot of interest and a huge overbid to the listing price. Read more here.

You Can (Must) Walk To Everything

Real Estate Edge by Mike Michalski & Sachi Fujita

In this hot seller’s market, now is the time to unload a property that may be very desirable in most respects but which would be difficult to sell in another market for reasons having nothing to do with the home itself. We offer some examples here.

High-Priced Dirt

Real Estate Edge by Mike Michalski & Sachi Fujita

A large corner lot on Highview Avenue – 828 Highview – in the Manhattan Beach Hill section has just hit the market asking $6,350,000. That’s some high-priced dirt. We looked at this property on Friday.  The 3BR, 2079 sqft house that sits on the lot is salvageable, but barely. And, really, why would you even […]

Unfinished South Redondo Mansion Update

Real Estate Edge by Mike Michalski & Sachi Fujita

Rami Nassif had a long career building estate homes in the South Bay, including a number of homes in the Manhattan Beach Tree section. But things took a turn for the worse when he started on his ocean-view dream home in South Redondo. The latest developments regarding his unfinished house at 733 North Paulina Avenue are chronicled here.

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